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Make Money Everyday - A Guide to Short-Term Trading

  • #81
  • May 1, 2011 6:45pm May 1, 2011 6:45pm
Quoting katrooo
Hi,

this could be maybe useful for similar style of trading - maybe with little modification - it draws boxes when price went some pips which you choose - for example when you choose 10 it will make a blue box when it will go up from xx00 to xx10, for example if it goes down from xx20 to xx10 then it will draw red box

you can take a look on it if smbdy interested

cheers.mike.
Interesting Mike, Thanks!
  • #82
  • May 1, 2011 9:09pm May 1, 2011 9:09pm
Quoting mongolian
Just some thoughts on PA so far today...
I think you are trading off 5 minute chart , is that right sir?
  • #83
  • May 1, 2011 9:17pm May 1, 2011 9:17pm
Quoting behman8850
I think you are trading off 5 minute chart , is that right sir?
Actually its a tick bar chart with 10 tick bars. Nothing wrong with time charts, i just prefer the tick charts.
  • #84
  • Edited May 2, 2011 12:36am May 1, 2011 9:29pm | Edited May 2, 2011 12:36am
Hi Mongolian,
I am trying your sys , so far some + some - some . I set a short P.O the price went up so I set another P.O at the next 12 pip line . price went up more so another short P.O. then the price turn down and and started to enter my short PO's two hit the limit and one stop hit at the 1.4815 mark still two more short PO's to go. Not sure if this is a good way to trade time will tell . What gos up must come down they say. if not you are only left with PO's What do others think?
Bruce
  • #85
  • May 1, 2011 10:51pm May 1, 2011 10:51pm
Quoting babnz48
Hi Mongolian,
I am trying your sys , so far some + some- . I set a short P.O the price went up so I set another P.O at the next 12 pip line . price went up more so another short P.O. then the price turn down and and started to enter my short PO's two hit the limit and one stop hit at the 1.4815 mark still two more short PO's to go. Not sure if this is a good way to trade time will tell . What gos up must come down they say. if not you are only left with PO's What do others think?
Bruce
Glad to hear that you are working with it. Don't let frustration seep in when things don't go exactly as you expected my friend. Expectations can be dangerous - I know when I project my expectations onto the market and it doesn't abide by what I thought - it's aggravating. I don't know how you have traded in the past, but this takes repetition to get it and to get good at it! I said it before, this has taken me two plus years to get where I felt like I had something. If I can help those who want it and it helps them shorten the time it takes to get from A to B...Great!
  • #86
  • May 1, 2011 11:06pm May 1, 2011 11:06pm
3 more in the bag +11.6 +13.1 +17.7 and one got away -0.1

I opened one of your xl files looks some thing like I was doing in the good old days before I had a computer . Daily prices from the news paper. and my first chart, After a while I put trend lines on . then got right into with a 7 sma then two sma's then came 1987 when people jumped out windows and If I remember right some one even shot there broker. arrrr the good old days.
  • #87
  • May 1, 2011 11:24pm May 1, 2011 11:24pm
Quoting babnz48
3 more in the bag +11.6 +13.1 +17.7 and one got away -0.1

I opened one of your xl files looks some thing like I was doing in the good old days before I had a computer . Daily prices from the news paper. and my first chart, After a while I put trend lines on . then got right into with a 7 sma then two sma's then came 1987 when people jumped out windows and If I remember right some one even shot there broker. arrrr the good old days.
I love it! Not even worried about the one that got away. It has to happen. It's part of business.

This is how I finally was able to take an unprofitable trade and not bat an eye. I decided that I was in Sales. When you have a job selling, your time is super important. When you are out selling - you want to spend all of your time with people who want to buy what you have, they have the money to buy what you have and are committed to buying it from you.

Who do you want to avoid? Everyone else. I want to spend as much of my time as I can with people who will make me money and on the flip side - spend as little time as possible with those who basically cost me money. You know the one's - they have no intention of buying, some are great - they clearly tell you right away that they are not interested and you can move on quickly. Others will drag you along, postponing you, never telling you No because they just don't have the spine to take a stand. So meanwhile, you're doing your best to jump through hoops, doing whatever you can to hopefully turn this Suspect into a Prospect. Let me tell you folks - It will never happen. We do the same thing with trades - We put on trades, now we love this trade and hope for its best. It starts to prove unprofitable, what do we do? We wait, we watch, we HOPE. We may even add more of our inventory to it, like more of my resources (jumping through hoops) is going to change it's mind.

I want to spend as little time as possible with these folks. Now, I sell money. To sell money - I trade. I have no idea when I get whether or not I have a great customer who is going to make me money or if I have a Bozo who will waste my time. I do know that AS SOON as I can tell I have a Bozo on the hook - I let him go and move on, looking for the next great possibility, the next profitable trade.

Thanks everyone!
  • #88
  • May 2, 2011 5:33am May 2, 2011 5:33am
Hi Mongolian,

Thanks for the help with the charts. With your help, I basically added an additional line between the others so the chart is now divided into 6's. I took off the Pivot Points, not that they are not important, but that it gets too messy. The other change and this is just me, I changed my Price line from candles to just a line and I fattened it up so I can see it really well. Bifocals....LOL

So, my first trade, is a small one and not a 12 pip move, I missed the downturn due to sleeping. I just got in at the break of the line and out at the next line. 6 pips, then back to bed. Tomorrow will be more fun.

The lines guide me on what I'm doing. 10 bar tick chart, EU.
Attached Image (click to enlarge)
Click to Enlarge Name: Mon 532011 Kenfenfx.PNG Size: 39 KB
  • #89
  • May 2, 2011 6:34am May 2, 2011 6:34am
Quoting kenfenfx
Hi Mongolian,

Thanks for the help with the charts. With your help, I basically added an additional line between the others so the chart is now divided into 6's. I took off the Pivot Points, not that they are not important, but that it gets too messy. The other change and this is just me, I changed my Price line from candles to just a line and I fattened it up so I can see it really well. Bifocals....LOL

So, my first trade, is a small one and not a 12 pip move,...
I like your attitude! I do like those 6 lines in there also. Looks good.
  • #90
  • May 2, 2011 9:03am May 2, 2011 9:03am
thx for sharing your system mongolian

much appreciated
  • #91
  • May 2, 2011 9:18am May 2, 2011 9:18am
Quoting fugly
thx for sharing your system mongolian

much appreciated
You're welcome. Thanks for checking it out... hope it helps.

Mongolian
  • #92
  • May 2, 2011 1:55pm May 2, 2011 1:55pm
Mongolian I'm trying to learn how to use the graph paper. Do you mind quickly checking to see if I'm on the right tracks. I have also attached a chart which I have manually drawn the blocks and numbers showing my thinking when filling out the graph. This is the first few hours from 5pm EST (My platform +7 hours EST)
Attached Image (click to enlarge)
Click to Enlarge Name: eu mmed test.jpg Size: 134 KB
Attached File(s)
File Type: xls eu test.xls   49 KB | 348 downloads
  • #93
  • May 2, 2011 2:36pm May 2, 2011 2:36pm
Quoting mongolian
Just some thoughts on PA so far today...
hello mongolian, thank you for your sharing.

I would like to ask you about retracements. it might seem to be a newbie question, but I got confused as I was examining the charts. I consider retracements when price crosses a line and comes back. in this context, should the circles I draw in your screenshot be considered as retracements for going short? (especially the one in the middle) or how do you decide to enter? should the price go back to the line you first entered?

thanks and good luck...
Attached Image (click to enlarge)
Click to Enlarge Name: retracement.png Size: 356 KB
  • #94
  • May 2, 2011 4:41pm May 2, 2011 4:41pm
Is this the right time to trade this sys 5:30 pm NY time?
thanks Bruce
  • #95
  • Edited 6:40pm May 2, 2011 6:38pm | Edited 6:40pm
Hi Mongolian,

I hate trading Asia. I'll admit it right here and now. I trade Asia because I live on the East Coast (US), but I keep it to the bare minimum.

So, here I went tippy toeing into this...

15+ done, Trade Terminal off....LOL

I wanted to just post this to show people this chart. The pivot points line up nearly exactly with the lines of 6....

The tick charts work for short term trading. This move proves it. No indicators, I just waited until the PA made up it's mind where it wanted to go and jumped in and then out. See you on London.

Great trading to all of you
Attached Image (click to enlarge)
Click to Enlarge Name: eu 15.PNG Size: 37 KB
  • #96
  • May 2, 2011 6:42pm May 2, 2011 6:42pm
Quoting babnz48
Is this the right time to trade this sys 5:30 pm NY time?
thanks Bruce
Hi Bruce,

Mongolian may have some wisdom to share with us, but it's been my experience that you'd just want to monitor this early. Around 7:30 pm est is when it starts picking up... sometimes different but usually 7:30-8 pm or so.

What you say, Mong??

Regards, Kenfenfx
  • #97
  • May 2, 2011 7:10pm May 2, 2011 7:10pm
Quoting isengoz
hello mongolian, thank you for your sharing.

I would like to ask you about retracements. it might seem to be a newbie question, but I got confused as I was examining the charts. I consider retracements when price crosses a line and comes back. in this context, should the circles I draw in your screenshot be considered as retracements for going short? (especially the one in the middle) or how do you decide to enter? should the price go back to the line you first entered?

thanks and good luck...
Good question.

First circle - The PA came down from 1.4800 to the 1.4787/1.4788 and then came back up to 1.4800 (actually just past it to the M2 line on the Pivot Points) - that's where I would want to get back in for a short. It then went back down to about 1.4777 - our Take Profit line (Your 2nd circle).

Second circle - I would place my order for short back up @ 1.4800 or even the M2, I mentioned way earlier there are too many people that use Pivot Points to ignore them... I don't trade off them, but we have to respect them. Now - let's say that it fails to reach that level, my Short order would not be filled, I would then look for it to break below the 1.4787 line and come back up to it and THEN I would be going in to short again from there. It didn't do that however - It came back up to the 1.4800 line again - which is where I would have another short order ready to go.

All of your circles were at our Take Profit areas. I will say this - You want to be super aggressive - When PA gets in a little range like that - which does happen throughout the day each day. You see a little range - you can go long back up to the 1.4800 mark. I wouldn't suggest it for those who are just getting the feel for it - but it can be done. There are times, especially in Asia session - where PA can be range bound and you can clip off 12 pip legs back and forth 6 or 7 times. Again - Not for everybody.

Great question - thanks for the chart and illustration. Hope I cleared it up how I see it.

Mongolian
  • #98
  • Edited May 3, 2011 12:26am May 2, 2011 7:14pm | Edited May 3, 2011 12:26am
Quoting kenfenfx
Hi Bruce,

Mongolian may have some wisdom to share with us, but it's been my experience that you'd just want to monitor this early. Around 7:30 pm est is when it starts picking up... sometimes different but usually 7:30-8 pm or so.

What you say, Mong??

Regards, Kenfenfx
Kenfenfx you've got it. Again everyone - I've been putting up the charts starting at 5pm or 5:30pm EST because that's when a new day starts here. I think it's 8 or 9am somewhere in the Pacific - so that the day literally is just starting there. Trading @ 5 or 5:30, is going to be pretty slow. Depending on where you are - for me - EST - I'll be eating dinner with my boys. Pick your spots that work for you to trade. Certainly London opening is great, NY opening is great. Asian Session is generally the slowest of the three, just depends on if there is anything going on out there. Thanks for the question Bruce, Thanks for the reply Ken.

Mongolian
  • #99
  • May 2, 2011 7:14pm May 2, 2011 7:14pm
Quoting kenfenfx
Hi Mongolian,

I hate trading Asia. I'll admit it right here and now. I trade Asia because I live on the East Coast (US), but I keep it to the bare minimum.

So, here I went tippy toeing into this...

15+...
I love it my friend!
  • #100
  • May 2, 2011 7:19pm May 2, 2011 7:19pm
Quoting spacePip
Mongolian I'm trying to learn how to use the graph paper. Do you mind quickly checking to see if I'm on the right tracks. I have also attached a chart which I have manually drawn the blocks and numbers showing my thinking when filling out the graph. This is the first few hours from 5pm EST (My platform +7 hours EST)
Love your chart - pretty cool. I think you pretty much have it. The only thing I would have different is there @ 17, If PA came up to give you your 17th box, and then it came back down, box 18 would be next to 17. So you would have ended up with 20 boxes instead of 19. It's a super minor detail, and I have not mapped out today to see how it looks exactly, but eyeballing - I think you are right on track.

Use that excel for yourself. I just use it to help me see the trend, to see where the PA is stalling, and to keep me from getting distracted from the gyrations of the moment by moment movement of PA. Just staying focused on the movement from one level to the next and not getting freaked out by what PA is or isn't doing in the meantime.

Thanks for sharing. Awesome.

Mongolian
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